Oil prices slipped on Wednesday as concerns about oversupply grew after industry data showed an increase in United States crude and fuel stocks, reinforcing signs of softer demand in the world’s largest oil consumer.
Brent futures dropped 28 cents, or 0.43 percent, to 64.61 dollars a barrel after gaining 1.1 percent in the previous session. US West Texas Intermediate fell 24 cents, or 0.4 percent, to 60.5 dollars a barrel, retreating from Tuesday’s 1.4 percent rise.
Data from the American Petroleum Institute showed US crude inventories rose by 4.45 million barrels in the week ending November 14.
Gasoline stocks increased by 1.55 million barrels and distillate stocks by 577 thousand barrels, adding to market pressure amid expectations of a loose supply outlook.
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